Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-07-01falseProvision of consultancy services11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09625547 2022-07-01 2023-03-31 09625547 2021-07-01 2022-06-30 09625547 2023-03-31 09625547 2022-06-30 09625547 2021-07-01 09625547 c:Director2 2022-07-01 2023-03-31 09625547 d:MotorVehicles 2022-07-01 2023-03-31 09625547 d:MotorVehicles 2023-03-31 09625547 d:MotorVehicles 2022-06-30 09625547 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-03-31 09625547 d:FurnitureFittings 2022-07-01 2023-03-31 09625547 d:FurnitureFittings 2023-03-31 09625547 d:FurnitureFittings 2022-06-30 09625547 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-03-31 09625547 d:OfficeEquipment 2022-07-01 2023-03-31 09625547 d:OfficeEquipment 2023-03-31 09625547 d:OfficeEquipment 2022-06-30 09625547 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-03-31 09625547 d:OwnedOrFreeholdAssets 2022-07-01 2023-03-31 09625547 d:LeaseholdInvestmentProperty 2022-07-01 2023-03-31 09625547 d:LeaseholdInvestmentProperty 2023-03-31 09625547 d:CurrentFinancialInstruments 2023-03-31 09625547 d:CurrentFinancialInstruments 2022-06-30 09625547 d:Non-currentFinancialInstruments 2023-03-31 09625547 d:Non-currentFinancialInstruments 2022-06-30 09625547 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09625547 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 09625547 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09625547 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 09625547 d:ShareCapital 2023-03-31 09625547 d:ShareCapital 2022-06-30 09625547 d:ShareCapital 2021-07-01 09625547 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-03-31 09625547 d:RetainedEarningsAccumulatedLosses 2023-03-31 09625547 d:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 09625547 d:RetainedEarningsAccumulatedLosses 2022-06-30 09625547 d:RetainedEarningsAccumulatedLosses 2021-07-01 09625547 c:FRS102 2022-07-01 2023-03-31 09625547 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-03-31 09625547 c:FullAccounts 2022-07-01 2023-03-31 09625547 c:PrivateLimitedCompanyLtd 2022-07-01 2023-03-31 09625547 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 09625547 d:HirePurchaseContracts d:WithinOneYear 2022-06-30 09625547 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 09625547 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-06-30 09625547 2 2022-07-01 2023-03-31 09625547 6 2022-07-01 2023-03-31 09625547 3 2023-03-31 09625547 3 2022-06-30 09625547 f:PoundSterling 2022-07-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 09625547










MUIZ FORTUNE MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2023

 
MUIZ FORTUNE MANAGEMENT LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 11


 
MUIZ FORTUNE MANAGEMENT LIMITED
REGISTERED NUMBER: 09625547

BALANCE SHEET
AS AT 31 MARCH 2023

31 March
30 June
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
46,119
61,496

Investments
 6 
1,634,838
1,373,507

Investment property
  
300,304
-

  
1,981,261
1,435,003

Current assets
  

Debtors: amounts falling due within one year
 8 
788,957
1,415,436

Cash at bank and in hand
 9 
2,419,979
1,456,782

  
3,208,936
2,872,218

Creditors: amounts falling due within one year
 10 
(778,428)
(486,387)

Net current assets
  
 
 
2,430,508
 
 
2,385,831

Total assets less current liabilities
  
4,411,769
3,820,834

Creditors: amounts falling due after more than one year
 11 
(32,146)
(32,488)

  

Net assets
  
4,379,623
3,788,346


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,379,523
3,788,246

Shareholders' funds
  
4,379,623
3,788,346


Page 1

 
MUIZ FORTUNE MANAGEMENT LIMITED
REGISTERED NUMBER: 09625547
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 February 2024.


................................................
S Ahmad
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
MUIZ FORTUNE MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2022
100
3,788,246
3,788,346



Profit for the period
-
708,277
708,277

Dividends: Equity capital
-
(117,000)
(117,000)


At 31 March 2023
100
4,379,523
4,379,623


The notes on pages 4 to 11 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 July 2021
100
2,408,534
2,408,634



Profit for the year
-
1,731,198
1,731,198

Dividends: Equity capital
-
(351,486)
(351,486)


At 30 June 2022
100
3,788,246
3,788,346


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares, and is incorporated in England and Wales (09625547). The address of its registered office is 15 New Road, Welwyn Garden City, AL8 7TX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared the financial statements on a going concern basis taking into account the current market position and prospects of the company and also the continued working capital support provided by the company's shareholder.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Rental income
Rental income represents rent receivable and is recognised in the period to which it relates. 

Page 4

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Straight line.
Fixtures and fittings
-
25%
Straight line.
Office equipment
-
25%
Straight line.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Valuation of investments

Other investments (such as watches) are measured at historic cost.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due within the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
 
Page 6

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.15

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Reporting period

The Company has changed its financial year end from 30 June to 31 March, in order to align the period end with the fiscal year. As a result, the results presented in this set of unaudited financial statements are  not directly comparable with the prior period results.

Page 8

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

5.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
57,850
24,163
1,566
83,579



At 31 March 2023

57,850
24,163
1,566
83,579



Depreciation


At 1 July 2022
8,436
12,081
1,566
22,083


Charge for the period on owned assets
10,847
4,530
-
15,377



At 31 March 2023

19,283
16,611
1,566
37,460



Net book value



At 31 March 2023
38,567
7,552
-
46,119



At 30 June 2022
49,414
12,082
-
61,496


6.


Fixed asset investments








Other fixed asset investments

£



Cost or valuation


At 1 July 2022
1,373,507


Additions
261,331



At 31 March 2023

1,634,838






Net book value



At 31 March 2023
1,634,838



At 30 June 2022
1,373,507



Page 9

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

7.


Investment property





Long term leasehold investment property

£



Valuation


Additions at cost
300,304



At 31 March 2023
300,304

The property was purchased for £300,304 in October 2022. In the opinion of the directors, there has been no significant change in market value since that date. 







8.


Debtors

31 March
30 June
2023
2022
£
£


Trade debtors
151,500
-

Other debtors
127,091
154,998

Prepayments and accrued income
510,366
1,260,438

788,957
1,415,436


Other debtors includes £85,409 (2022: £115,726) falling due after more than one year.


9.


Cash and cash equivalents

31 March
30 June
2023
2022
£
£

Cash at bank and in hand
2,419,979
1,456,782


Page 10

 
MUIZ FORTUNE MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

31 March
30 June
2023
2022
£
£

Trade creditors
78
-

Corporation tax
563,465
390,363

Other taxation and social security
178
726

Obligations under finance lease and hire purchase contracts
1,159
1,132

Other creditors
189,438
1,971

Accruals and deferred income
24,110
92,195

778,428
486,387



11.


Creditors: Amounts falling due after more than one year

31 March
30 June
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
32,146
32,488

32,146
32,488



12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

31 March
30 June
2023
2022
£
£


Within one year
1,159
1,132

Between 1-5 years
32,146
32,488

33,305
33,620


13.


Related party transactions

Included in other creditors less than one year is £188,214 (2022: £921) due to a director who is the sole shareholder of the company. The loan is interest free and payable on demand.
Dividends of £117,000 (2022: £351,486) were paid to a director who is the sole shareholder of the company.

 
Page 11